It has seen the biggest cuts in asking prices of all neighborhoods in prime central London.

Belgravia, home to some of London’s most prestigious and desirable addresses, including Chester Square, Eaton Square and Belgrave Square, has seen the biggest cuts in asking prices of all neighborhoods in prime central London, according to research by Hamptons International, the real estate consultancy, which released data on behalf of Bloomberg News.

Around 54% of homes in the posh neighborhood, a long-favored enclave for the most discerning buyers from around the world, were sold with a price cut in the three months through October, compared with 32% for the same period a year earlier. The average sales price was £2.6 million (US$3.25 million).

And it was not just sellers in Belgravia having to reduce asking prices. In Earl’s Court, meanwhile, 43% of homes for sale received a price chop compared with 29% a year earlier. In Chelsea, 43% of sellers cut the offer price, up from 27% in 2015.

Sellers in prime central London have had to become more conservative on pricing as demand weakens amid higher sales taxes—known as stamp duty—for expensive homes, and uncertainty created by the Brexit vote.

“Vendors are beginning to alter their expectations about the prices they might achieve. The change in sentiment is more apparent in the more expensive parts of the capital. In less expensive parts of the capital, further away from the center, the proportion of homes sold with a reduction in asking price was much lower,” said Fionnuala Earley, residential research director at Hamptons International.

“This is consistent with the pattern of demand we have been seeing for some time as the least affordable areas of London have seen their markets weaken while demand in those areas further out is still there.”